On March 28, 2023, the Federal Government tabled Budget 2023, which proposed a broad array of provisions impacting many individuals and businesses. The Budget did not include any changes to the personal or corporate tax rates or the inclusion…
Read more >Affected owners with filing obligations under the Underused Housing Tax Act (UHTA) will have more time to file returns and remit any taxes owing. The CRA has announced the application of penalties and interest under the UHTA for the…
Read more >On March 23, 2023, Ontario’s Finance Minister delivered the 2023 Ontario Budget titled Building a Strong Ontario. The government’s plan is to drive growth by lowering costs, getting key infrastructure projects built faster, and attracting more jobs and investment…
Read more >As discussed in our previous publication Underused Housing Tax, the Underused Housing Tax Act (the “Act”) was implemented in 2022 and aims to target ownership of vacant or underused housing in Canada. The Act applies an annual underused housing…
Read more >It’s tax season again and we’re offering you a checklist to make sure you compile all information necessary to complete your personal tax return. In this 2022 Personal Tax Return Checklist, you will find a list of information that…
Read more >The Underused Housing Tax Act (the “Act”) was implemented in 2022 and aims to target ownership of vacant or underused housing in Canada. The Act applies an annual underused housing tax (“UHT”) of 1% of the “taxable value” of…
Read more >The CRA has updated its website with the 2023 indexation adjustments. Given rising inflation, the indexation factor has increased to 6.3% for 2023 (2022 – 2.4%). The indexation factor impacts various personal income tax and benefit amounts including tax…
Read more >On November 14, 2022, Ontario’s Finance Minister delivered the 2022 Ontario Economic Outlook and Fiscal Review. The outlook titled Ontario’s Plan to Build: A Progress Update expects economic growth and job creation to slow. For 2022–23, the government is…
Read more >As interest rates continue to rise, the Department of Finance has also increased prescribed interest rates including the rates on overdue taxes, payroll source deductions and GST/HST. Prescribed rates are revisited every three months and were increased to 7%…
Read more >On November 3, 2022, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, released the 2022 Fall Economic Statement. The economic update reports an expected deficit for 2022-2023 of $36.4 billion with an expected surplus of $4.5 billion in…
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